#1BALLARD™ Investor Presentation Nasdaq & TSX: BLDP July 2023#22 Ballard Introduction¹ 40+ years developing industry leading hydrogen Proton Exchange Membrane (PEM) fuel cell technologies with over 1,100 employees worldwide >1,200 patents & applications Leading PEM fuel cell technology owned & licensed Heavy-duty mobility & power generation Focus on applications where hydrogen fuel cell value proposition is strongest (bus, truck, rail, marine, off-road, & stationary power) Europe, North America & China Geographically diversified in regions of strong hydrogen demand growth & policy support Global & diverse fuel cell installation base² • Bus: ~1,500 Truck: ~2,300 Rail: ~23 trains • Marine: 8 vessels Stationary Power: ~9 MW > 150 million km in-service operation Industry leading proven durability & in-service operation; 13th generation fuel cell stack & 9th generation module BALLARD 1, 2 See Slide Notes BALLARD#3Key Messages Energy transition pace is accelerating Ballard is the leader in PEM fuel cell technology Flexible business model across multiple verticals Establishing key partnerships & customer relationships Tracking towards mid & long term targets³ 3 Accelerating policy momentum to decarbonize & ensure energy security US at H2 policy forefront with uncapped $3/kg tax credit for green H₂ under IRA, $10B funding for hydrogen hubs & $5B LowNo funding from DOT EU policies beginning to materialize, €10B IPCEI projects approved & beginning to fund, part of ~€85-125B1 identified REPowerEU investment & first (~€1B) auction of green H₂ subsidies in 2023 under Net Zero Industry Act 40+ years of market leadership in PEM fuel cells, ideal for heavy duty mobility applications Own design & development of all sub-components, maintaining industry leading KPIs against peers & new entrants Expanding powertrain integration capabilities to accelerate adoption Ballard products have driven >150M km², significantly more than competitors Ballard MEA, stack & module technology is foundational & transferable across key verticals of bus, truck, rail, marine & stationary power Leading fuel cell technology platform allows for market flexibility & revenue diversification Product standardization expected to increase economies of scale & manufacturing & supply chain efficiency 1, 2, 3 See Slide Notes Partnerships focused on industry leading Tier 1 suppliers as channel to global OEMs Working with vehicle integrators to accelerate demand by bringing early- stage fleets to market Customer centric organization, standing by products & helping customers achieve carbon reduction goals Revenue, cost and supply proof points on track to give confidence as market shifts from demonstration scale into serial production Expect increasing order book, partnerships & revenue Tracking toward 70% stack cost reduction plan & developing roadmap to achieving 2030 'Mission Carbon Zero' BALLARD™#44 The energy transition is accelerating resulting in tremendous opportunity for the hydrogen economy . 93 countries with net-zero targets by 20501,2 (~70% global GDP & ~90% of global emissions) 55 countries with CO2 pricing initiatives & 39 with announced hydrogen strategies² >141 members of the Hydrogen Council³ >520 large-scale hydrogen projects announced globally, including production, distribution & end-use4 100% 80% 60% 40% 20% Total Global GHG Emissions Covered in National Net-Zero Targets¹ National net-zero targets cover ~90% of global GHG emissions → up from <1% two years ago China ~90% of global GHG emissions US & India Transportation equates to ~25% of global GHG emissions5 0% 2019 1, 2, 3, 4, 5 See Slide Notes EU 2020 2021 BALLARD™#55 Unprecedented global hydrogen investment & development Decreasing cost & increasing availability of clean hydrogen removes key barrier to FCEV adoption ~$700B cumulative investment required by 2030 to reach government stated targets¹ ~$230B committed H2 investment until 20301 Europe $76B, China $20B, N.Am. $40B, ROW $94B $230B excludes projects in planning or announcement phase, ~$108B & ~$109B, respectively REPowerEU Plan established by European Commission Create Hydrogen Accelerator program to develop integrated infrastructure, storage facilities and port capacities 4X increase in planned EU hydrogen supply by 2030 (~5MT → 20MT) Forecasted hydrogen production costs²: 2025: Blue: ~$1.0-2.0/kg; Green: ~$2.5-3.5/kg 2030: Blue: ~$1.0-1.5/kg; Green: ~$1.5-2.5/kg (Production cost varies based on region) 1, 2, 3 See Slide Notes Global Clean H₂ Production Outlook³ Mature green projects ■Mature blue projects Announced green projects Announced blue projects 26MT .....2022 projection 2021 projection ............ 7.3. MT 2020 projection 0.5 MT 2019 projection. 2025 2030 2020 BALLARD™#66 Ballard's key role in the expanding hydrogen value chain Ballard is a world leader in the design & manufacturing of PEM fuel cell engines for medium- and heavy-duty mobility and stationary power applications. BALLARD TM Electricity & Natural Gas Production Hydrogen Production Electrolyzers, SMR, ATR & coal gasification Infrastructure & Distribution Pipelines, storage, & hydrogen refueling stations End-Use Applications Mobility & Power Ballard Verticals U Bus Truck Rail Marine Emerging Markets Stationary Power BALLARD™#77 2030E Total Addressable Market (TAM)1 Ballard focuses on applications with large addressable markets & difficult to abate emission profiles, incl. mobility applications requiring quick refueling, heavy payload, long range & high availability BUS Truck Rail Marine Emerging Markets Stationary Power Total Addressable Market ($B) ~$15 ~$195 ~$7 ~$40 ~$50 SAM* Fuel Cell TAM 2030 ($B) ~$2.0 ~$7.5 ~$0.2 ~$0.4 ~$1.5 ~$4.0 FC Adoption (2030e) ~10-15% ~2-5% <5% <5% <5% FC Volumes (per year) 50k transit coach buses LD Truck: 150k MHD Truck: 150k 550 passenger + freight trains 350 ships 25k off-road vehicles 4,100 MW BLDP Market Share (2030e) ~15% ~10% ~40% ~20% ~10% ~15% BLDP US >90% Market Share (2022e) EU >70% China >25% US ~10% EU ~10% China >30% >40% ~50% 1, 2, 3, 4, 5 See Slide Notes ~30% (PEM only) BALLARD™#8FCEV provide a strategic value proposition for heavy-duty mobility Fuel cell electric vehicles (FCEVS)... Are the best zero-emission diesel ICE alternative for medium & heavy-duty mobility: Similar payload to diesel truck . Quick refueling to maximize availability Longer range than battery electric to maximize utilization Costs are rapidly decreasing & are expected Diesel Refuel: 5 min Fuel Cell . to soon breakeven with BEV and ICE (see slide 11) Offer solution for disproportionately high emissions profile of hard-to-abate mobility Fuel Cell Trucks: the Best Zero-Emission Alternative to Diesel longest range Refuel: 15 min L H₂ minimal payload impact I long range 8 → Ballard's key verticals of bus, truck, rail, marine, off-road & power generation Buses & trucks make up ~5% US vehicles & account for ~25% of transportation GHG emissions¹ 1 See Slide Notes Battery Recharge: 3-5 Hours significant payload impact I shorter range BALLARD TM#9Ballard has extensive experience & is the leader in PEM fuel cells for medium & heavy-duty mobility 40+ year evolution of Ballard's fuel cell technology Translating over ~150 million kilometers of in-service experience into Ballard's 13th generation stack & 9th generation fuel cell module¹ Stack Power Output Power Density 20111 20 kW 2.0 kW/L 6 Est. Lifetime 15,000 hr (~250 500k km) Freeze Start >0°C 5X power output 2X power density ~70% durability 20221 > 100 kW 4.3 kW/L >25,000 hr (~400 800k km) -30°C 1, 2 See Slide Notes Continuing to invest in next-gen technology POTENTIAL FUTURE TARGETS² > 150 kW up to 5.3 kW/L up to 50,000 hr (~800 1,600k km) < -30°C BALLARD™#10Leading & proven FCEV technology Ballard uniquely designs & manufactures proprietary hydrogen fuel cell MEAs, plates, stacks & modules Volumetric Power Density: 5 4 Leading Stack Volumetric Power Density & Lifetime Amongst Peers¹ ■ Volumetric PD (kW/L) Lifetime (kh) important for space allocation in vehicle 3 (engine compartment, roof, etc.) • ~4kW/L is typically sufficient stack power density for class 8 truck applications 2 Lifetime: critical for low total cost of ownership & excellent long-term performance 1 0 Ballard 1 2 3 4 10 >150Mkm in-service Ballard experience → proven durability & performance 1, See Slide Notes BALLARD™#1111 Rapidly decreasing cost curve driving TCO reduction HDT FCEV Expected to be Most Competitive TCO Before 2030¹ Estimated to reach breakeven parity of heavy-duty truck FCEV & BEV by ~2025 & diesel ICE by ~20281 Key steps to accelerate FCEV TCO (US$/km) 1.8 FCEV 1.6 TCO reduction: Decrease capital costs through advanced BEV 1.4 manufacturing, materials selection. FCEV expected breakeven to BEV ~2025 &increased volume (3x3 program - pg 40) • Increase durability 1.2 Diesel • Reduce fuel costs (~60% FCEV TCO for MDT/HDTS) Low-carbon hydrogen cost reduction expected to account for up to 90% of total TCO reduction from 2020 to 20302 1 FCEV expected breakeven 0.8 2020 to Diesel ICE ~2028 2025 2030 2035 *40t long-haul HDT, 800km fuel range, 10 year lifespan, 150k km/year, renewable hydrogen, Europe, ~US$1.6/liter diesel price through 2040 1, 2 See Slide Notes 2040 BALLARD™#12Technological building blocks for cross-vertical applications¹ 12 Technology Modules FCmove™M 45-120kW Leading MEA, plate & stack technology foundational to all fuel cell modules >80% BOP consistent across verticals FCwave™ 200kW FCrail™ 100-200kW Applications 1 See Slide Notes ว • Leading fuel cell technology platform allows for market diversification of product Product standardization is expected to result in increased manufacturing & supply chain efficiency & economies of scale BALLARD™#1313 Ballard is geographically diversified in regions of high hydrogen demand growth & policy support¹ Hobro, Denmark Marine and stationary module assembly and aftercare Europe -180 DO 270 Ballard HQ MEA, stack & module manufacturing; expanded MEA manufacturing 6X in 2021 Vancouver, Canada Bend, Oregon North America Coventry, UK BMS Powertrain integration and FC software engineering Bend, Oregon R&D; module manufacturing capabilities for US customers 000 ~80 ~1,000 % Backlog ~10% South Africa FCEV mining truck pilot with Anglo American underway 1 See Slide Notes % Backlog ~65% Weifang, China Weichai/Ballard JV Joint venture with China's largest bus and truck engine manufacturer (incl. stack & module assembly) India FCEBS with Tata on the road; MOU with Adani for FCEV development & deployment Guangdong, China China 8元~3,400 -20 % Backlog ~25% BALLARD™#1414 Ballard's sustainability impact Ballard fuel cell technologies are facilitating the energy transition & helping customers achieve important emissions targets • 'Cradle to grave' assessment¹ FCmove TM-HD used in a bus application has an 87% lower lifespan carbon footprint, when powered by green hydrogen, than a conventional diesel bus Aluminum & platinum account for ~60% of FC embodied emissions ~95% of platinum reclaimed in used MEAS Mission Carbon Zero Targeting carbon neutrality of corporate emissions by 20302 ESG Ratings In 2022, Ballard powered FCEVS prevented ~53 million gallons of consumed diesel³ CO₂ □□□ 5357 ~540,000 tCO of emissions ~600 million pounds of coal burned Annual carbon sequestered by ~640,000 acres of forest MSCI ESG RATINGS AAA Corporate ESG Performance CDP DISCLOSURE INSIGHT ACTION Prime ссс B BB BBB A AA AAA RATED BY 2022 Climate ISS ESG▷ SILVER 2022 ecovadis Sustainability Rating 1, 2, 3 See Slide Notes BALLARD#1515 Ballard 2023 outlook¹ Total Operating Costs² Capital Expenditures³ $135M $155M - $40M - $60M Continued investment in research & product development ahead of the hydrogen growth curve Advancing new technology, product innovation, & development across target markets, incl. next-generation MEAS, plates, stacks, and modules, and increasing sales & marketing expenditures Investment in testing capabilities, adding production, lab and engineering equipment & expanded prototyping capabilities Investing in advanced manufacturing of bipolar plates starting in 2022 1, 2, 3 See Slide Notes BALLARD™#16BALLARD™ APPENDICES#17BALLARD™ APPENDIX A VERTICALS 940#1818 Bus¹ TAM² $15B Current BDLP FCEB Mkt Share Europe: >75%; N.Am. >90%; China: >25% Key Partners & Customers Solaris (Poland), Wrightbus (UK), Van Hool (Belgium), New Flyer (US), Skoda (Czech), ADL (UK), ARCC (Australia), Wisdom (HK), Doosan (Korea) Fuel Cell Size 70kW 100KW - Deployed/ In-Development ~1,500/~300 Buses Value Proposition: Zero emission buses without compromise on service. FCEBS are a direct one-to-one replacement for diesel buses (no need to increase fleet size to accommodate charging times) as hydrogen as a low carbon fuel enables scalable deployment of zero emission bus fleets, without potential significant infrastructure capital required for large BEV deployment. Ballard products have been integrated by 19 OEMs Current Development: Europe: ~250 in-service + ~250 in development in 15 countries North America: ~100 in-service + ~50 in development in 5 U.S. states China: ~1,100 in-service Declining Capital Costs²: Initial demonstration costs declined from ~$3M per bus to ~$1.25M since 2005 (current diesel bus ~$500k). USDOE has interim capital cost target of $1M per bus, with ultimate target of $600k. Significant policy support in Europe & US for zero emission bus deployment (see slides 25-27) 1, 2 See Slide Notes BALLARD™#1919 (1) FCEBS proven to be competitive¹ Foothill Transit Authority FCEB vs. BEB Cost Comparison Foothill Transit Authority Greater Los Angeles Area, California Deploying full zero emission bus fleet >300 buses planned by 2030 FCEB fleet >20% lower cost than BEB for longer range routes Only require 23 FCEBS vs. 34 BEBS to satisfy its specified route due to range restriction of BEBS → reducing capital costs by ~15% Fueling/charging infrastructure capital costs ~60% cheaper for FCEB vs. BEBS Mid-life replacement costs ~85% cheaper for FCEBS compared to BEBS ~20% lower life-cycle cost 23 FCEBS 34 BEBs ■Bus Capital 1 See Slide Notes ■Fuel Infrastructure Capital 12 Year Fuel 12 Year PMI Mid-life Maintenance BALLARD™#2020 Truck1 TAM² ~$195B Key Partners & Customers MAHLE (Europe), Hexagon Purus (US), Linamar (North America & Europe), Weichai (China), Quantron (Europe) Fuel Cell Size - 50kW 360kW Deployed/ In-Development ~2,300/145 Trucks Value Proposition: FCETS provide long range, fast refueling and full route flexibility, consistent with diesel technology, and serve a wide range of operating conditions with minimal impact on vehicle payload. Current development: >2,200 Ballard powered FCETS worldwide Partnership structure focused on Tier 1 suppliers (Weichai Group, Mahle, Linamar) as a channel to global truck OEMs. Work underway to develop fuel cell engines for market scale mid term development horizon. Working with vehicle integrators (Quantron, Hexagon Purus, Wisdom, Weichai Group) expected to help accelerate current demand of fuel cell trucks by bringing early-stage truck fleets to market. Enhanced capabilities in energy system engineering anticipated to support these initiatives by reducing customer friction points, accelerating customer adoption. Key Partners & Customers Linamar 1 2 3 Quantron Hexagon Purus Mahle² 5 6 Weichai¹ 7 8 Truck Classification LO (o) Light Duty (50 - 70kW) Medium Duty (70 - 100kW) 1, 2 See Slide Notes D III Heavy Duty (150 - 360kW) BALLARD™#2121 XO SAM2,3 $7B Rail1 Key Partners & Customers Siemens (Germany), CRRC (China), CP Rail (Canada), Sierra Northern (US), Stadler (CH/US), Medha (India), Scottish Rail (UK), Talgo (Spain) Fuel Cell Size ~400-600kW passenger & shunter ~1.2-2MW freight Deployed / In-Development 8 / 63 trains Value Proposition: Fuel cell trains run on existing tracks and have comparable refueling time to diesel. With long range, fast refueling, and heavy payload, hydrogen fuel cell trains overcome technical constraints of batteries and are more economical than catenary electrification, while still providing the environmental benefits of electrification. Large market potential in European passenger & US freight rail US: over 40,000 freight locomotives in North America with 15-year engine refurbishment cycle4 Europe: ~40% of European rail lines are non-electrified and are cost prohibitive (~€1M/km) to fully electrify. ~15k diesel trains in Europe to be replaced in next 15 years Current development: Siemens: Development of 400kW purpose-built hydrogen powered Mireo passenger train in demonstration; ordered 23MW of fuel cells to-date CP Rail: Demonstration for three locomotives underway in Canada-converting existing drive trains from diesel electric to fuel cell electric (anticipated in-service 2023) CRRC: five trams in Foshan City in-service 2019 Talgo: 8, 70kW modules for passenger train in Spain with expected 2023 in-service Stadler: passenger rail project in San Bernardino, California Sierra Northern: switching locomotive in California PESA: shunting locomotive in Poland Rank Top Global Train Manufacturers¹ Company 2019 Rev ($B) Region 1 CRRC Corporation Bombardier Siemens Mobility Alstom Transport 32 APAC 16 Americas 10 EMEA 9 EMEA GE Transportation 4 Americas Stadler Rail AG 3 EMEA 10 The Greenbrier Co Trinity Rail Group Hyundai Rotem Hitachi Rail Systems 3 Americas 3 Americas 2 APAC 2 APAC 234567899 Ballard Customer 1, 2, 3, 4 See Slide Notes BALLARD™#2222 Marine¹ Current BDLP Fuel Cell TAM² $40B Mkt Share Key Partners & Customers Norled (Norway), ABB (Norway) > 15% Fuel Cell Size - <1MW 7MW+ Deployed / In-Development 1/4 vessels Value Proposition: Modular fuel cell systems can be deployed in parallel, dispatchable configurations to meet variable power requirements of propulsion and auxiliary power systems. In fuel cell systems, power generation & fuel storage elements are separate, offering more flexibility than batteries. In ports, multi-mode transportation opportunities exist to share centralized hydrogen fueling infrastructure. - Ballard customers account for 8/10 top global marine manufacturers & integrators; established Marine Center of Excellence in Denmark Large market potential in Norway, Central Europe, North America ~3,000 MW global opportunity by 2030 for zero/low emission vessels (SAM) Current development: • FCwave™ 200kW - first fuel cell module to be Marine Type Approved - Launch Date: April 6th, 2022 • Norled: Hydra liquid hydrogen ferry (400kW) - testing has begun with service to begin later in 2023 • ABB: Development of MW scale systems for cruise ships (6MW) & several other projects in the works • ELEKTRA push boat in Germany (300kW) - commissioned & starting trial runs in 2022 Flagship: Development of two vessels commercially operated using FCwave products- expected in-service 2023 Policy support: . Norway protecting heritage fjords mandating 100% zero-emission by 2026 . Europe EMSA to cut CO2 50% by 2050 • IMO target to reduce GHG by 50% by 2050 • Starting in 2025 carbon pricing system will include >5000t & ramp up to reach 100% of vessels by 2027 1, 2 See Slide Notes BALLARD™#23Stationary power¹ Key Partners & Customers CAT (US), HDF (France), Fusion (EU), Telia (Norway), Telenor (Norway), Motorola (Denmark), Norlys (Denmark), Vattenfall (Sweden) Fuel Cell Size 1.7-5kW; 200kW 1.5MW Deployed / In-Development ~4 MW / 7.5MW • Value Proposition: Fuel cell backup systems replace or complement diesel generators as a reliable, flexible, and zero emissions solution due to high efficiency, quick ramp, and small footprint. Renewables-electrolysis-hydrogen storage fuel cell systems can deliver reduced energy costs, improved grid stability, increased penetration of renewables and greater energy independence. • • PEM fuel cells offer superior performance (efficiency & O&M) to traditional diesel generators and with zero GHG emissions • High efficiency: 50 - 60% electrical efficiency at optimal operating range • Quick ramp: <2 minutes from cold start & <30 seconds from standby to 100% power • Low maintenance costs & long lifetime: >15 years documented in the field • Small footprint: 1.2MW fuel cell < 7m² (diesel ~12m², battery ~10x footprint) Current development: • • Kilowatt scale fuel cells for critical infrastructure backup applications (5 - 50 kW) in commercial operation since 2007. 400+ systems under extended lifetime warranty service contracts for 10+ years. Megawatt scale fuel cells for backup & power generation - zero emission alternative to existing diesel gen sets → critical for companies to achieve emissions targets CAT / Microsoft (USA) - 1.5MW system for Microsoft datacenter . 23 • Fusion Fuel (Portugal) - 200kW solar hydrogen peak shaver facility • HDF (France) - 3MW containerized baseload hydrogen power plant 1 See Slide Notes Hydrogen Addresses Renewable Energy Storage Challenges Renewable Energy Energy H₂O Electrolyzer H₂ Compression, Distribution & Storage H2 BALLARD Fuel Cell Energy H₂O BALLARD™#24BALLARD TM APPENDIX B GEOGRAPHIC MARKETS#2525 Europe¹ • • • Policy Support & Commitments GHG Goal: Reduce net GHG emissions by 55% from 1990 levels by 2030; net zero by 2050 Hydrogen Commitments: 12 countries currently offer purchase subsidies for FCEB and/or FCET RePower EU Action Plan: EU goal of 20 million tons of renewable hydrogen by 2030 (10mt local, 10mt imported) Key Partners & Customers Bus: Wrightbus, Solaris, VanHool Rail: Siemens, Talgo 3 Ireland 181 Fuel Cell Buses Powered by Ballard 231 Fuel Cell Buses in Development 601 42 United Kingdom 281 40 The Netherlands □ 2 Sweden Truck: MAHLE, Quantron AG Marine: ABB, Norled Power Generation: HDF, Motorola, Eltek, Norlys, Telenor, Telia ☐ 612 Belgium 10|26 France Ballard Deployment • >250 Ballard powered FCEBs in-service or in-development in 16 European countries; >75% Ballard FCEB market share Spain 12 1 Italy Outlook 3 Denmark Austria 10 Latvia 4 Poland 49|78 Germany Ukraine 20 Czech Republic . Up to 100,000 ZEB estimated to be deployed in next 10 years • Low emission zones are being established; 10 of the largest European cities and several countries have committed to buy only 100% Zero Emission Buses from 2025 1 See Slide Notes BALLARD™#2626 United States¹ Policy Support & Commitments • • GHG Reduction Goal: ~50% reduction from 2005 levels by 2030; 100% carbon-free electricity by 2035 Hydrogen Earth Shot targeting $1/kg green hydrogen by 2030 • • • LowNo (clean bus FTA funding program - specifically for low and ZEB) allocating $1.7B in 2023 vs. $1.1B in 2022 and $185M in 2021 Inflation Reduction Act¹ (IRA) includes production & investment tax credits for clean hydrogen (up to $3/kg for low carbon hydrogen), other significant incentives for carbon capture and for renewable energy facilities powering electrolyzers. IRA includes $369B for modernization of the American energy system. Infrastructure bill allocates $9.5B for hydrogen development (incl. $8B for 4 regional clean hydrogen hubs). DOE projects² US green hydrogen production will increase to 10 million & 50 million tonnes / year by 2030 and 2050, respectively. • • Key Partners & Customers Bus: New Flyer Truck: Hexagon Purus, Linamar Power: Caterpillar Ballard Deployment Rail: Sierra Northern, Stadler AG, CP Rail Off Road: First Mode; Capacity Trucks (yard trucks) Marine: ABB > 100 FCEBS in or entering service + >40 additional in development > 90% Ballard market share for FCEBS Outlook . Hydrogen hub coalitions forming in California, Texas, Ohio, Pacific Northwest, etc. to prepare large scale, multimodal deployments for federal funding of up to $2B per hub NESCAUM³ - MOU signed by over 15 states committing to 30% of all new medium- & heavy-duty vehicle sales be zero emission by 2030, and 100% zero emission by 2050 1, 2, 3 See Slide Notes BALLARD™#2727 . California1 • Policy Support & Commitments GHG Goal: Reduce GHG emissions to 40% below 1990 levels by 2030 Committed to $10B decarbonization investment over 6 years $1.7B: 1,000 zero-emission short-haul (drayage) trucks & 1,700 zero-emission transit buses $1.8B for zero-emission trucks, buses, and off-road equipment and fueling infrastructure $200M for demonstration & pilot projects in high carbon-emitting sectors (maritime, aviation, rail, other off-road applications, etc.) Advanced Clean Trucks: Increase the penetration of the first wave of zero-emission heavy-duty technology into applications well suited to its use. Promoting development and use of advanced clean trucks will help CARB achieve its emission reduction strategies. Key Partners & Customers Bus: New Flyer, ElDorado National Truck: Hexagon Purus Ballard Deployment Rail: Stadler, Sierra Northern Railway >75 FCEBS in-service (AC Transit, Sunline, OCTA, Bakersfield, Foothill) + ~30 additional in development • Three UPS vans (Linamar) delivered in 2022, with final van to be delivered in 2023 • • • Two yard trucks (Capacity) delivered to the Port of Los Angeles in 2022 Switching locomotive build & tugboat feasibility study projects underway San Bernadino light rail with Stadler Outlook - Bus²: 25% of new bus purchases must be ZEBS by 2023; 50% by 2025; 100% by 2029; all 10,000 transit buses to be ZEBS by 2040 Truck³: 55% of Class 2b - 3 truck sales, 75% of class 4 – 8 straight truck sales, 40% of truck tractor sales must by zero emission by 2035. Target of 100% trucks on the road be zero-emission by 2045. Specifically for high-emitting drayage trucks, including 17k vehicles registered to the ports of Los Angeles & Long Beach alone, must be transitioned to zero-emission by 2035. HRS: >40 HRS in-service, 15 in construction or planning → target of 1,000 by 2030 1, 2, 3 See Slide Notes BALLARD™#2828 China¹ Policy Support & Commitments • GHG Goal: Peak GHG emissions by 2030 & carbon neutral before 2060 . • Demonstration City Clusters: 5 initial demonstration city clusters announced (Beijing, Shanghai, Guangdong, Hebei, Henan) intended to incentivize development of full hydrogen value chain through a subsidy program. Weichai/Ballard JV located in Weifang City, Shandong Province, which has been included as part of the Henan city cluster Weichai-Ballard JV has also setup a new subsidiary in Shanghai and is working with regional consortium partners on the Shanghai cluster demonstration program Key Partners & Customers Bus: Yutong, Feichi, Zhongtong, Howo, Asiastar, Wulong, NJ Kinglong, Wisdom Rail: CRRC Truck: Dongfeng, Zhongtong, Sinotruk, Sunlong, Feichi, Shacman, SDAC Ballard Deployment >1,100 FCEBS powered by Ballard technology with 7 different bus OEMs across 10 cities & >2,300 FCETS powered by Ballard technology with 7 different truck OEMs across >10 cities 5 Ballard powered hydrogen fuel cell trams (CRRC) - in-service since 2019 with >414k km in service ~25% Ballard market share in FCEBS & ~32% market share in FCETS2 Outlook Hydrogen powered vehicle targets: 50,000 FCEV & 300 HRS by 2025; 1M FCEV & 1,000 HRS by 2030 1, 2 See Slide Notes BALLARD™#29• China FCEV demonstration city cluster policy1 China initiating a four-year program to support local governments in researching hydrogen technology & developing a local, hydrogen value chain . Strong emphasis on industrialization & localization of fuel cell core components, • • • . consistent with Made In China 2025 mandate Foreign companies allowed to participate under guidelines of National Encouraged Industries whitelist 5 clusters announced to date: Beijing, Shanghai, Guangdong (on Aug 31, 2021) & Henan & Hebei (on Jan 10, 2022) ~8.5 billion RMB total funding across 5 clusters, over 4 years >33,000 FCEVS & ~550 HRS estimated by 2025 Ballard / Weichai JV located in Weifang City, Shandong, included in Henan city cluster Zhangjiakou Beijing Zhengzhou Demonstration City Clusters Beijing Shanghai Guangdong Hebei Henan³ # Cities / Districts² 12 7 12 14 17 Foshan FCEV Estimate4 ~5k ~5k ~10k ~8k ~5k HRS Estimate4 ~75 ~100 ~200 ~100 ~80 *Full city list included in footnotes 29 1, 2, 3, 4 See Slide Notes Weifang (Weichai/BLDP JV) Shanghai MEA new facility) BALLARD™#30BALLARD™ APPENDIX C KEY PARTNERSHIPS/CUSTOMERS#31WEICHAI 潍 柴 Weichai / Ballard Joint Venture¹ 31 History: Strategic collaboration established in 2018, located at Weifang City, Shandong Province. Ballard brings world class PEM fuel cell technologies and Weichai has global supply chain and commercial scale industrial manufacturing expertise. Development: . Established GIGA SHANDONG ONE Manufacturing Facility for localized stack & module production Floor space: 310,000 sq ft. & annual capacity: 34,000 stacks (>1.2GW equivalent) & 20,000 modules Exclusive licensed manufacturer of LCS fuel cell stacks & LCS-based modules in China • Weichai / Ballard JV has ~200 employees as of September 2022 Structure: Weichai has 51% working interest / Ballard has 49% interest in the JV Ballard is the exclusive supplier of MEAs to the JV (Ballard sells MEAs from Canada - 51% of MEA revenue is recognized upon sale to JV) Weichai BLDP JV assembles stacks and modules for the bus and truck market for sale into China market (upon sale of stack / module, remaining 49% of MEA revenue is recognized by Ballard) Weichai Power has 100,000 global employees, $25B USD 2022E Revenue, #1 HD global engine sales, 2nd largest Chinese HD Truck sales, 3rd largest Chinese exporter of HD Trucks, vertically integrated with strong OEMs including Bus: Zhongton Bus Holdings, Asiastar, Howo; Truck: Sinotruk, Shacman, SDAC 1 See Slide Notes BALLARD™#32MAHLE Mahle¹ 32 • History: Ballard and Mahle announced collaboration agreement in September 2020 to develop a product platform, with a power output from 180kW to 360kW for heavy-duty and long-haul trucks (Class 7 & 8). Multi-year development initiative to develop a fuel cell as the lowest-cost solution for heavy duty trucks within ten years Development / Status: ● . The initial concept engine fuel cell module was delivered for testing, as planned, in late 2021 This concept engine is the building block, which MAHLE began testing and integrating with their components in 2022, including the balance-of-plant, thermal management and power electronics, and system assembly The joint project is a multi-year development program Structure: During the initial development phase, Ballard has prime responsibility for system design and the fuel cell stack sub-system, while MAHLE's scope of responsibility includes balance-of-plant components, thermal management and power electronics for the complete fuel cell system, or engine, as well as system assembly Mahle has 71,000 employees and is a major Tier 1 supplier with €11B in annual sales (June 30 2022, TTM); Mahle components are in half of the world's vehicles & have over 10 years experience in fuel cell component supply 1 See Slide Notes BALLARD™#33LINAMAR 33 Linamar¹ History: Linamar and Ballard entered into an agreement in 2021 to jointly develop and market a fuel cell powertrain and chassis system for cars, SUVs, and trucks (Class 1 & 2) for the North America and Europe markets. The partnership is intended to offer a 'one-stop-shop' for Class 1 & 2 fuel cell vehicle platform development Development / Status: . • UPS truck project (Sacramento, California) - 3 trucks in-service in 2022, one additional in 2023 Demonstrator platform utilizing Ballard fuel cells & Linamar powertrain in development (2022) with expected live test platform in 2023 Structure: The partnership is intended to leverage the expertise and skill sets of both companies (Ballard's expertise in fuel cells, Linamar expertise in electric vehicle propulsion, hydrogen tanks, chassis systems and manufacturing), to bring a world class industry leading fuel cell powertrain to market Linamar is a publicly traded Canadian manufacturing company that operates worldwide, Canada's second-largest automobile parts manufacturer. Linamar manufactures and supplies products to automotive and industrial markets. Linamar has over 27,000 employees, 60 manufacturing plants, 8 R&D centers and 25 sales offices in 17 countries. with total sales of $5.8 billion (2022) 1 See Slide Notes BALLARD™#34SIEMENS Siemens¹ History: Development agreement signed in 2017 to develop a 200kW fuel cell module for integration into Siemens' new Mireo passenger train platform. Fuel cells can enable electrification with range, without requiring costly catenary wire infrastructure. Development / Status: The production of the purpose-built 400kW Mireo Plus H train is completed and began operational testing on rail in 2022, and is expected to enter demonstration service in Bavaria, Germany in 2024. Siemens has signed an LOI for 40MW of fuel cells to date, including a firm order for 23MW for expected delivery in 2023 - 2027, supporting development and deployment of the Mireo Plus H train in Europe. Structure: Ballard is responsible for delivering the fuel cell system and DC/DC converter. Siemens is the leading rail OEM & largest industrial manufacturing company in Europe, headquartered in Munich, Germany. Siemens has more than 300,000 employees worldwide and the Company generated revenue in excess of €80 billion in 2022. 34 Mireo Plus H H₂ 72 Piger bwegt. на **bwegt Mobot für Bodies Württemberg 563 101 1, 2 See Slide Notes BALLARD TM#35BALLARD™ APPENDIX D SUPPLEMENTARY INFORMATION#3636 PEM differentiated amongst other fuel cell technologies1 Proton Exchange Membrane (PEM) • Primary applications: transportation, stationary & back-up power • • Advantages: high power density, low operating temp (50-100°C), durable, quick start, compact Challenges: sensitivity to fuel impurity • Fuel: hydrogen Solid Oxide • Primary applications: stationary power • . Advantages: high efficiency, fuel flexibility Challenges: high operating temp (500-1,000°C), slow start up, large footprint, not necessarily zero-emissions (fuel dependent), sensitive to load variation • Fuel: natural gas, syn gas, hydrogen Small footprint (if hydrogen is used) PEM Solid Oxide Alkaline × Low operating temp High efficiency ✓ Quick start-up Alkaline Cell durability Primary applications: aerospace, back-up power Fuel • Advantages: low operating temp (90-100°C), quick start, electrolyte management flexibility × • Challenges: sensitive to CO2 on fuel and sir • Fuel: hydrogen Complexity/ Fabrication 1 See Slide Notes BALLARD™#37Total Ballard FC module cost 1,2 MEA Platinum & Iridium only account for ~30% of MEA cost Labour Stack MEAS ~75% of Stack cost Targeting 70% Stack cost reduction by 2024 Fuel Cell Module Stack ~30% of Module cost 37 <5% Precious Materials Metals Plates Balance Hardware Stack MEAS of Plant Labor Other 1, 2 See Slide Notes BALLARD BALLARD BALLARD™#3838 Global manufacturing capacity 1,2 MEA MEAS Canada Power Output: ~1.4GW MEA Qty: ~6M • Core of fuel cell & foundational to stack & module development Currently only manufactured in Canada Stack Hard- Air Compr- HRB Harness Humid- ifier Coolant Pump Hard- Bipolar Plates ware MEA Enclosure DC/DC Controller Bipolar essor Stack Hoses Plates ware MEA • Stacks Canada Power Output: up to 1.8GW Stack Qty: ~27,000 China Power Output: up to 2.2GW Stack Qty: ~34,000 MEAs & bipolar plates assembled into stacks Stacks are manufactured into Ballard • • fuel cell modules or sold to third party Stack manufacturing flexibility as each facility can utilize up to 100% of current MEA manufacturing capacity • • Modules Canada Power Output: up to 0.6GW Module Qty: ~5,000 China Power Output: up to 2.6GW Module Qty: ~20,000 Denmark Power Output: up to 0.2GW Module Qty: ~950 US (Oregon) Power Output: up to 0.3GW Module Qty: ~2,500 Stacks, with balance of plant components, are assembled into modules Modules are sold to customers for final application installation 1, 2 See Slide Notes BALLARD™#3939 Stack Cost Reduction Achievement & Outlook 1,2 $/kW 2018 3x3 program has led to >60% stack cost reduction to date with path to >70% with increased volume in 2024 (at 2018 conditions) 2024 Future cost reductions driven by new MEA design & advanced manufacturing processes 2026 ~80% reduction in stack cost from 2018 to 2026 1, 2 See Slide Notes BALLARD™#4040 Forward Looking Statements This presentation contains forward-looking statements, including: estimated revenue; gross margin; cash operating costs; adjusted EBITDA; product cost reductions; liquidity; market size and growth projections; customer value propositions; and expected sales and product shipments. These forward- looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to our financial forecasts and expectations regarding our product development efforts, manufacturing capacity, and market demand. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different, including, general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to our most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation. All amounts are consolidated to include Ballard Power Systems Europe A/S, Ballard Unmanned Systems Inc., Guangzhou Ballard Power Systems Co., Ltd., and Ballard Fuel Cell Systems Inc. Results are in U.S. dollars, unless otherwise noted. BALLARD™#41Slide Notes 41 Slide 2 1. As of March 11, 2022. 2. Values included for the bus and truck applications only include deployed fuel cell quantities and excludes projects in-development. The rail, marine, and stationary power applications include both fuel cells deployed and in-development. Slide 3 1. Goldman Sachs Equity Research: EU Net-Zero Industry Act to drive further growth in green hydrogen, March 21, 2023 2. As of March, 2023 3. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 4 1. 2. 3. 4. 5. Source: https://hydrogencouncil.com/en/hydrogen-insights-updates- july2021/ Source: https://eciu.net/analysis/reports/2021/taking-stock- assessment-net-zero-targets As of March 11, 2022. Source: 6. Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, (2020-2030); 2020 Off-Road and Stationary data are values obtained from consulting engagement and cannot be cited to publicly available source. Slide 8 1. Sources: https://www.bts.gov/content/number-us-aircraft-vehicles- vessels-and-other-conveyances; https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas- emissions-and-sinks-1990-2019 Slide 9 As of March 11, 2022 1. 2. Based on current performance expectations for the FCvelocity-9SSL and FCgen-HPS. Estimated Lifetime based on assumed hours in operation prior to first significant maintenance activity. Assumes range of 16 to 32kmph average speed. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 10 https://hydrogencouncil.com/en/hydrogen-council-membership-grows- As of March 11, 2022 to-more-than-130-members-with-twelve-new-companies-committing- 1. to-foster-development-of-the-hydrogen-economy Hydrogen Council: Global Hydrogen Flows (2022) -Oct 2022 https://www.iea.org/reports/tracking-transport-2020 Slide 5 1. 2. 3. Hydrogen Insights Report September 2022 (Page 7) Ballard power density based on current expectations for the Fcgen- HPS. Peers included: 1) Hyzon (G2), 2) Horizon (VLS-II-150), 3) Sinohytech, 4) Powercell (Pstack 125kW), 5) Toyota Mirai (new 128kW stack), 6) Hyundai NEXO, 7) Plug (ProGen-P125kW) Slide 11 1. 2. Hydrogen Council: Hydrogen Insights - Feb 2021 Hydrogen Council: Path to Hydrogen Competitiveness - Jan 2020 Slide 12 Five charts on hydrogen's role in a net-zero future 2022 (Page 5) Hydrogen Council: Hydrogen for Net Zero - Nov 2021; Excludes an additional ~13MT of clean hydrogen projects announced with expected 1. post-2030 commissioning; Announced = preliminary studies or press announcement stage; Mature = Feasibility study, front-end engineering and design stage, final investment decision has been taken, under construction, commissioned or operational Slide 6 None Slide 7 1. 2. 3. 4. 5. As of June 13, 2023; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 MarketsandMarkets, Hybrid Train Market Global Forecast to 2030; April 2019. The Rail Inc - The North American Locomotive Review 2021. Refurbishments assume 17% of existing North American locomotives, as of 2021, are converted to low/zero emission engines by 2030. Approximately double units refurbished year over year to result in 3,200 conversions in the year 2030. Transparency Market Research, Marine Hybrid & Full Electric Propulsion Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 13 1. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 14 1. Based on life cycle assessment and comparative analysis conducted through third party, Ostrom Climate, analyzing Ballard's FCmove™ HD module used in a bus application and includes the impacts of an 80- kWh powertrain battery. For the comparative analysis, Ostrom Climate compiled cradle-to-grave data on bus types such as diesel, electric, hybrid, and plug-in hybrid by reviewing readily available scientific literature on LCAS. The main source of data used for analysis came from the Life Cycle Assessment of City Buses Powered by Electricity, Hydrogenated Vegetable Oil or Diesel (Nordelof, A., Romare, M., Tivander, J. (2019). Life Cycle Assessment of City Buses Powered by Electricity Hydrogenated Vegetable Oil or Diesel. Transportation 2. 3. Research Part D: Transport and Environment, 75, 211-222. https://doi.org/10.1016/j.trd.2019.08.019), since it is a current study that provided a detailed breakdown of emissions for each vehicle type and life cycle stage. Corporate emissions are defined within the Ballard Carbon Neutral Plan as scope 1, scope 2 and partial scope 3 emissions including employee commuting, business travel and hydrogen purchase for R&D activities. Analysis based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Calculation based on ~1,440 buses and ~2,230 trucks in service in 2022. Utilized average annual miles traveled, fuel economy, and fuel consumption as provided by the Federal Highway Administration highway statistics. Assumed all buses are 'Transit Buses' and trucks 'Class 8 Trucks' for derivation of approximate fuel consumption. Emissions calculations were derived using US EPA emissions equivalency calculator. Slide 15 1. 2. 3. Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Total Operating Expenses refer to the measure reported in accordance with IFRS. Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows. Slide 16 none Slide 17 none Slide 18 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Source: Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 2. Slide 19 1. Foothill Transit Authority Executive Board Meeting. Source: http://foothilltransit.org/wp-content/uploads/2020/07/07-24-2020- Agenda-Packet-Executive-Board.pdf Slide 20 1. 2. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Source: Interact Analysis, The HEV and Electrified Truck and Bus Market; 2020 BALLARD™#4242 Slide Notes change. Actual results may differ materially. See Forward-Looking Slide 32 Statements. 1. As part of California's Innovative Clean Transit Regulation (ICT) As part of California's Advanced Clean Truck Regulation (ACT); Source: https://ww2.arb.ca.gov/resources/fact-sheets/advanced- clean-trucks-fact-sheet Slide 28 Slide 21 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. 2. 3. 2. MarketsandMarkets, Hybrid Train Market - Global Forecast to 2030; April 2019 3. 4. The Rail Inc - The North American Locomotive Review 2021. Refurbishments assume 17% of existing North American locomotives, as of 2021, are converted to low/zero emission engines by 2030. Approximately double units refurbished year over year to result in 3,200 conversions in the year 2030. Rail Inc 2021 In Review Report. At the end of 2020, the North American locomotive fleet totaled 38,453. 1. 2. 1. 2. Slide 22 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. 2. Transparency Market Research, Marine Hybrid & Full Electric Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, (2020-2030); 2020 Slide 23 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 24 none Slide 25 As of March 11, 2022; Based on company's current business plans. and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. As of January 2022 deployment information. Slide 29 1. As of March 11, 2022; Based on company's current business plans 3. and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 26 1. As of March 11, 2022; Based on company's current business plans 4. and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. As of March 11, 2022 Demonstration City Cluster list: Beijing (12 cities): Daxing (BJ), Haidian (BJ), Jingkai (BJ), Yanqing (BJ), Shunyi (BJ), Fangshan (BJ), Changping (BJ), Binhai (TJ), Baoding (HE), Tangshan (HE), Zibo (SD), Binzhou (SD); Shanghai (7 cities): Shanghai, Suzhou (JS), Nantong (JS), Jiaxing (ZJ), Zibo (SD), Ordos (NM), Nindong (NX); Guangdong (12 cities): Guangzhou (GD), Shenzhen (GD), Zhuhai (GD), Dongguan (GD), Zhongshan (GD), Yangjiang (GD), Yunfu (GD), Zibo (SD), Lu'an (AH), Fuzhou (FJ), Baotou (NM); Hebei (14 cities): Zhangjiakou (HE), Tangshan (HE), Baoding (HE), Handan (HE), Qinhuangdao (HE), Dingzhou (HE), Xinji (HE), Xiong'an (HE), Wuhai (NM), Zhengzhou (HA), Fengxian (SH), Zibo (SD), Liaocheng (SD) Xiamen (FJ); Henan (17 cities): Zhengzhou (HA), Xinxiang (HA), Kaifeng (HA), Anyang (HA), Luoyang (HA), Jiaozuo (HA), Jiading (SH), Fengxian (SH), Lingang (SH), Zhangjiakou (HE), Baoding (HE), Xinji (HE), Yantai (SD), Zibo (SD), Weifang (SD), Foshan (GD), Ningdong (NX) Henan Cluster has not yet released formal numbers on FCEVS or HRSS deployment, but industrial experts forecast more than 5,000 FCEVS to be put in Henan Cluster during the demonstration period. Source: https://chuneng.bjx.com.cn/news/20200805/1094844.shtml FCEV and HRS estimates are based on most recent industry experts estimates, not the initial targets as submitted, as of March 1, 2022, and are subject to change. 2. UBS: North American Biofuels and Hydrogen Conference Call on Hydrogen Trends & Outlook, March 27, 2023 Slide 30 none Slide 31 3. Multistate-Truck-ZEV-MOU-Media-Release-20200714 (1).pdf Slide 27 As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 33 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 34 1. 2. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. https://press.siemens.com/global/en/pressrelease/premiere- deutsche-bahn-and-siemens-mobility-present-new-hydrogen- train-and-hydrogen Slide 35 none Slide 36 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Slide 37 1. 2. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. Based on LCD-M2 MEA, production of ~750,000 MEAS per year, Platinum pricing of $1,100/oz and Iridium pricing of $5,600/oz. Slide 38 1. 2. All values are annual production capacity & assume 24hr x 7d operation Assumes each MEA produces ~232 watts; GW based on FCmove- HD+ 100kW module which has 2x280 stacks; FCmove-HD+ produces 130kW & assumes ~20% parasitic load for balance of plant energy consumption; assumes each stack produces 65kW. Slide 39 1. and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking 2. Statements. Sources: https://www.energy.gov/eere/fuelcells/h2-matchmaker; 1. As of March 11, 2022; Based on company's current business plans 1. As of March 11, 2022; Based on company's current business plans and the current business environment, which are subject to Based on company's current business plans and the current business environment, which are subject to change. Actual results may differ materially. See Forward-Looking Statements. PGM prices as at April 14, 2023. BALLARD™#4343 Glossary BEB: Battery Electric Bus BEV: Battery Electric Vehicle BoP: Balance of Plant EMEA: Europe, Middle East & Africa FCEB: Fuel Cell Electric Buses FCET: Fuel Cell Electric Truck FCEV: Fuel Cell Electric Vehicle GDL: Gas Diffusion Layer GHG: Greenhouse Gas GM: Gross Margin HD: Heavy Duty HDT: Heavy Duty Truck HRB: Hydrogen Recirculation Blower HRS: Hydrogen Refueling Station ICE: Internal Combustion Engine KPI: Key Performance Indicator LCS: Liquid Cooled Stack LD: Light Duty MEA: Membrane Electrode Assembly MD: Medium Duty MDT: Medium Duty Truck OEM: Original Equipment Manufacturer PEM: Proton Exchange Membrane PMI: Preventative Maintenance Inspection PP&E: Property Plant and Equipment SAM: Serviceable Addressable Market TAM: Total Addressable Market TCO: Total Cost of Ownership TS: Technology Solutions YOY: Year Over Year BALLARD Th#44BALLARD™ Here for Life™ Please contact Investor Relations for more information [email protected] Ballard.com